Stryker to acquire Ascent Healthcare Solutions for $525 million
01 December 2009
Orthopedic implant maker Stryker Corporation yesterday said that it is buying privately held reprocessor of medical devices Ascent Healthcare Solutions Inc. for $525 million in cash.
The board of directors of Stryker and Ascent Healthcare along wuith the shareholders of the latter have approved the transaction.
The deal will be the second-largest acquisition for the Michigan-based Stryker after its 1998 buyout of Howmedica, the orthopaedic division of Pfizer Inc for $1.65 billion.
Under the terms of the agreement, Stryker will acquire the Phoenix, Arizona-based Ascent Healthcare Solutions for $525 million in an all cash transaction.
Stryker said that the closing was conditional on the expiration or termination of all applicable waiting periods pursuant to the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.
Ascent Healthcare Solutions was formed in December, 2005 through the merger of Alliance Medical Corporation, and Vanguard Medical Concepts, based in Lakeland, Florida is involved in reprocessing and remanufacturing medical devices.
With 2008 sales in excess of$100 million, the company has production facilities in both Lakeland, Florida and Phoenix, Arizona. Ascent employs approximately 900 individuals in these two locations and throughout the US.